Myers Industries (NYSE:MYE) Stock Rating Lowered by StockNews.com

Myers Industries (NYSE:MYE) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Friday.

Separately, KeyCorp downgraded shares of Myers Industries from an “overweight” rating to a “sector weight” rating in a report on Wednesday, November 6th.

Myers Industries Stock Performance

Shares of MYE stock opened at $11.08 on Friday. The firm has a market cap of $412.84 million, a price-to-earnings ratio of 26.38 and a beta of 1.22. Myers Industries has a 52-week low of $10.35 and a 52-week high of $23.63. The company has a quick ratio of 1.11, a current ratio of 1.80 and a debt-to-equity ratio of 1.36. The company’s 50 day moving average is $11.84 and its 200 day moving average is $13.23.

Myers Industries (NYSE:MYE) last announced its quarterly earnings results on Monday, November 4th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.04). The company had revenue of $205.07 million during the quarter. Myers Industries had a net margin of 1.88% and a return on equity of 14.75%. During the same quarter in the previous year, the company earned $0.38 EPS. On average, sell-side analysts anticipate that Myers Industries will post 0.95 EPS for the current fiscal year.

Insider Activity

In related news, CEO Dave Basque acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average cost of $12.13 per share, with a total value of $60,650.00. Following the transaction, the chief executive officer now directly owns 34,152 shares of the company’s stock, valued at $414,263.76. This trade represents a 17.15 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders acquired 19,500 shares of company stock worth $232,575. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new stake in shares of Myers Industries during the third quarter worth $246,000. Victory Capital Management Inc. acquired a new stake in Myers Industries during the 2nd quarter worth about $13,684,000. Intech Investment Management LLC purchased a new stake in Myers Industries during the 3rd quarter valued at about $972,000. American Century Companies Inc. grew its stake in Myers Industries by 12.3% during the 2nd quarter. American Century Companies Inc. now owns 556,131 shares of the industrial products company’s stock valued at $7,441,000 after purchasing an additional 60,935 shares during the last quarter. Finally, ClariVest Asset Management LLC increased its holdings in shares of Myers Industries by 60.0% in the second quarter. ClariVest Asset Management LLC now owns 200,266 shares of the industrial products company’s stock valued at $2,680,000 after purchasing an additional 75,108 shares during the period. Institutional investors and hedge funds own 90.82% of the company’s stock.

About Myers Industries

Myers Industries, Inc engages in distribution of tire service supplies in Ohio. It operates through two segments, The Material Handling and Distribution. The Material Handling segment offers pallets, small parts bins, bulk shipping containers, and OEM parts, as well as storage and organization, and custom plastic products; and injection molded, rotationally molded or blow molded products, consumer fuel containers and tanks for water, fuel, and waste handling.